Why you should be looking to short XAUUSD?
XAUUSD recently reached its highest point since June 2018 and since then its been having a mini consolidation unable to break above into the next zone. Currently, all the signs are pointing to sell. Here's why:
- XAUUSD has broken the EMA (25, close) twice in the past two weeks on the 4-hr chart
- Stochastic Oscillator and RSI indicate that the pair is overbought on the 4-hr with the Stochastic saying sell on the 1-hr
- XAUUSD is currently retesting the EMA (25, close) on the hourly chart
Where to get in:
I would wait to see if XAUUSD doesn't break the EMA (25, close) on the retest and then get in once the next candlestick closes with a bearish candlestick. If you're a little bit more risky, you could get in now but I like to be sure the pair is ready to make the move before I enter a trade.
Happy Trading !
Nim$
- XAUUSD has broken the EMA (25, close) twice in the past two weeks on the 4-hr chart
- Stochastic Oscillator and RSI indicate that the pair is overbought on the 4-hr with the Stochastic saying sell on the 1-hr
- XAUUSD is currently retesting the EMA (25, close) on the hourly chart
Where to get in:
I would wait to see if XAUUSD doesn't break the EMA (25, close) on the retest and then get in once the next candlestick closes with a bearish candlestick. If you're a little bit more risky, you could get in now but I like to be sure the pair is ready to make the move before I enter a trade.
Happy Trading !
Nim$
Ensure SL is at breakeven.
Might be able to enter again on retest at EMA (25, close)